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2 - a - v v lili 111 v Styles Styles Sensitivity Pane ECON 201 5. Consider two linear, downward-sloping demand curves, A and B, that intersect each other at point X with positive price and quantity. Demand curve A is steeper than demand curve B. We can conclude that A) curve A is less elastic than curve B at any point. B) curve B is less elastic than curve A at any point. C) curve A is less elastic than curve B at point X. D) curve A is less elastic than curve B at any price above point X. E) curve B is less elastic than curve A at any price above point X. 6. Suppose that the quantity of a good demanded rises from 90 units to 110 units when the price falls from $1.20 to 70 cents per unit. The price elasticity of demand for this product is A) 0.5. B) 1.0. C) 1.5.| D) 2.0. E) 0.38 N A binding minimum wage established by the government A) is essentially a price ceiling that creates a shortage of workers. B) will be effective only if the minimum wage is set below the free-market equilibrium wage. C) will have no effect on the quantity of labour employed. D) will affect adversely only those workers whose value of productivity is greater than this minimum wage. E) is a price floor that will create a surplus of workers if the labour market is competitive. 8. Consider the global market for barley, an agricultural commodity. Suppose that in August, 2018, the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes. In August, 2019, the equilibrium price and quantity were P = $159 per tonne and Q = 372 million tonnes. Which of the following is the best possible explanation for this change in market equilibrium? A) There has been an increase in demand for barley. B) There has been an increase in supply of barley. C) There has been a simultaneous decrease in demand and increase in supply of barley. D) There has been a decrease in supply of barley. E Focus